Heartland vs StockCo: Which Livestock Lender is Best in 2026?

Company Overviews

Heartland Bank

• What it is: A New Zealand registered bank, part of NZX/ASX-listed Heartland Group Holdings (ticker HGH).
• Focus: Specialist lending, including rural and livestock finance alongside other products.
• Rural heritage: Heartland's rural lending arm traces back to its 2011 acquisition of PGG Wrightson Finance.

StockCo

• What it is: A livestock and trading-stock finance specialist operating in New Zealand.
• Ownership: Now part of the Heartland group — Heartland financed StockCo's New Zealand operations for many years and acquired the StockCo business in 2022, with the StockCo group transferring to Heartland Bank in 2024.
• Focus: Livestock and trading-stock finance, including revolving facilities.

Interest Rates Comparison

Interest rates are where most farmers start their comparison. Here's the general picture as of 2026:

Indicative Market Rates by Stock Type

The ranges below are indicative of the wider NZ livestock finance market and are not tied to any single lender. They are not a quote or an offer. Your actual rate will depend on stock type, LVR, security, loan size and borrower profile, and is subject to lender approval — request written quotes from each lender.

Stock Type	Indicative Market Range (p.a.)
Dairy Cows (In-Milk)	~8.75 - 10.5%
Dairy Heifers	~8.75 - 10.75%
Beef Cattle (Breeding)	~9.25 - 11%
Sheep (Breeding)	~9.5 - 11.5%
Trading/Store Stock	~10 - 11.5%

Rate Comparison Analysis

• Dairy cows: Both lenders can be competitive for breeding/dairy operations — compare written quotes.
• Beef/sheep: Pricing is broadly comparable — request personalised quotes from each lender.
• Trading stock: Compare the total cost of finance for your specific situation before deciding.

Illustration: $100k Dairy Cow Loan Over 24 Months

Assumed Rate	Monthly Payment	Total Interest	Total Cost
9.5% p.a. (assumed)	$4,597	$10,328	$110,328

Example only. The 9.5% p.a. figure is an assumed rate used purely for illustration — it is not a quote or an offer from any lender, and your actual rate, repayments and total cost will differ and are subject to lender approval.

Verdict: Pricing between livestock lenders is often close, so the difference on a typical loan can be modest. Don't choose on rate alone—approval speed and flexibility matter too. Always compare the written quotes you actually receive for your situation.

LVRs & Lending Limits

Both lenders offer competitive LVRs, but there are subtle differences:

Heartland Bank LVRs

• Dairy cows (in-milk): Up to 75%
• Dairy heifers (R2): Up to 70%
• Beef breeding cows: Up to 70%
• Breeding ewes: Up to 70%
• Stud stock: Up to 70%
• Trading/store stock: Up to 65%

StockCo LVRs

• Dairy cows (in-milk): Up to 75%
• Dairy heifers (R2): Up to 70%
• Beef breeding cows: Up to 70%
• Breeding ewes: Up to 70%
• Stud stock: Up to 70%
• Trading/store stock: Up to 65%

Verdict: Effectively identical LVRs across both lenders. No winner here.

Maximum Loan Amounts

Neither brand publishes a fixed cap that would exclude most farming operations, and larger facilities are generally considered case-by-case. If you need a large or corporate-scale facility, confirm the current limit and structure directly with the lender before you rely on it.

Approval Process & Speed

Approval timeframes are not published as guarantees and vary with the complexity of your application, how complete your documentation is, and the size and structure of the facility. As a general guide, most livestock lenders will ask for recent farm financials, the stock invoice or purchase details, and identification. A straightforward, well-documented application is assessed faster than a complex or large one.

A typical process across lenders looks like: application → document submission → credit assessment (sometimes with a site visit for larger deals) → conditional approval → settlement. If timing matters — for example an auction or a seasonal buying opportunity — tell the lender up front and ask for their current turnaround; don't assume a specific number of days.

Fees & Costs

Livestock lenders typically charge some combination of the fees below. The exact figures vary by lender, facility type and deal size, and some fees are negotiable or waived — ask each lender for their current fee schedule in writing.

• Establishment fee: A one-off setup fee (sometimes waived on larger loans or via a broker).
• Valuation fee: May apply for larger herds or high-value stock; some lenders use desktop valuations at no charge.
• Legal fees: Payable where new security documents are required.
• Early repayment fee: Some lenders charge a percentage of the remaining balance if you repay within the first year.
• Monthly / account fee: May apply, particularly on revolving facilities.

Repayment Flexibility

Livestock finance is usually structured to fit a farm's cashflow, but the exact terms differ by lender and facility, so treat the points below as things to ask about rather than fixed features:

• Seasonal repayments: Repayments can often be aligned with milk payouts or stock-sale proceeds rather than fixed monthly amounts.
• Interest-only periods: Some facilities allow an interest-only period; the length available varies — confirm it with the lender.
• Revolving facilities: A revolving "draw and repay as you buy and sell" structure is StockCo's core product; it may also be available elsewhere. This suits trading and finishing operations.
• Early repayment: Usually allowed; an early repayment fee may apply within the first year — confirm the current fee with the lender.
• Payment holidays: May be considered case-by-case (for example in a drought or flood) — availability and terms vary.

Real Scenario: Trading Stock

You buy 100 store cattle in March ($150k), fatten them over winter, sell in September ($200k), then buy another 120 head in November.

• Heartland: Fixed term loan. Need to reapply for second batch or take out larger loan upfront (higher interest cost).
• StockCo: $200k revolving facility. Draw $150k in March, repay from September sales, redraw $180k in November. Only pay interest on drawn balance.

Better suited to trading stock: StockCo. Their revolving facilities can reduce interest cost by letting you avoid paying for capacity you're not using.

Stock Type Specializations

Heartland's Sweet Spots

• Dairy cow finance: Market leader—understands milk payout cycles intimately
• Replacement heifers: Extensive experience, competitive LVRs
• Breeding stock (all types): Strong track record
• Stud stock: Will finance high-value genetics

StockCo's Sweet Spots

• Trading stock: Their core focus—store cattle, finishing lambs
• Mixed operations: Farms that run both breeding and trading stock
• Short-term grazing agreements: Understands the model well
• Seasonal finishing: Buy-fatten-sell cycles

Recommendation: If you're primarily a dairy or breeding operation, lean toward Heartland. If you trade stock frequently or run finishing operations, StockCo is better suited to your needs.

Both lenders are established participants in the NZ livestock finance market. We recommend requesting written quotes from each and comparing the total cost of finance for your specific situation before deciding.

The Verdict: Which Lender is Best?

There's no universal "best" lender—it depends on your specific situation:

Choose Heartland Bank If:

• You're financing dairy cows or breeding stock (beef/sheep)
• You value dealing with a full-service registered bank
• You want to compare pricing (request written quotes)
• You want to compare upfront fees (ask for each lender's written fee schedule)
• You want seasonal repayment flexibility aligned with farm income
• You're working with a broker

Choose StockCo If:

• You're financing trading stock (store cattle, finishing lambs)
• You want a revolving facility to draw and repay throughout the year
• You run buy-fatten-sell operations with multiple stock turnovers per year
• You may want an interest-only period (confirm the length available)
• You have a mixed operation (breeding + trading stock)
• You prefer a livestock finance specialist brand
• Flexibility of drawdown matters as much as rate

What About a Third Option?

Don't forget the traditional banks (ANZ, Rabobank, ASB Rural). They may offer:

• Potentially competitive rates if you have existing banking relationships
• Bundled products (farm mortgage + livestock finance + overdraft)
• Relationship pricing (rate discounts for loyalty)

Turnaround and flexibility vary between the main banks and the livestock specialists, so it's worth getting quotes from both and comparing.

Compare All NZ Livestock Lenders (Including Banks) →

Final Tip: Get Quotes from Both

Rates and terms can vary significantly based on your specific situation. We recommend:

1. Apply to both Heartland and StockCo (takes 30 mins total)
2. Compare the actual offers you receive (not just indicative rates)
3. Factor in upfront fees, approval speed, and repayment flexibility
4. Negotiate—lenders will often match or beat competitors' offers